UAE Announces Minimum Amount Foreigners Must Save to Qualify for Retirement Residency Permit
- The UAE government has published the full conditions foreigners must meet to obtain a retirement residence permit in the country
- Applicants must be at least 55 years old or have worked for a minimum of 15 years before retirement to be eligible for this residency permit
- The minimum savings requirement is a key financial threshold foreigners must clear to secure the UAE retirement residency permit
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The United Arab Emirates government has released the official requirements for foreigners who want to obtain a retirement residence permit in the country, with minimum savings playing a central role in determining eligibility.
According to the UAE government's published legislation, an applicant must either be at least 55 years old or have completed a minimum of 15 years of service, whether that work was done inside the UAE or abroad, before qualifying for the permit.
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UAE retirement residency permit: Minimum savings required
Beyond the age or service requirement, applicants must meet at least one of two financial conditions.
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UAE announces 2 categories of foreigners who can get job opportunity visa without a sponsor
The first option allows a foreigner to qualify by owning real estate in the UAE valued at no less than AED 1,000,000 (roughly ₦450 million), based on either the purchase price or the market value as assessed by the relevant authority in the concerned emirate.
Alternatively, an applicant can hold a financial deposit of at least AED 1,000,000 (roughly ₦450 million). If the deposit is held abroad, it must be transferred to a financial institution inside the UAE within 60 days of the permit being issued, unless the applicant chooses to invest the equivalent amount within the country instead.
The second financial route available to applicants is a fixed annual income of no less than AED 240,000 (roughly ₦108 million), or its equivalent in a foreign currency. The income can come from inside or outside the UAE, but applicants must submit bank statements covering the six months before they apply.
UAE retirement residency permit: Mortgaged property accepted
The UAE government also made provision for applicants whose qualifying property is under a mortgage.
A mortgaged title deed will be accepted, provided that the amount already paid toward clearing the mortgage is at least AED 1,000,000 (roughly ₦450 million) at the time of submitting the application.
In a related story, Legit.ng reported that the UAE had listed three categories of foreigners eligible for the Green Residence Permit without a sponsor.
UAE job opportunity visa for foreigners
Meanwhile, Legit.ng previously reported that the UAE had mentioned two categories of foreigners who can get the job opportunity visa without a sponsor.
The conditions, published in the UAE's official legislation, specify that applicants must hold at least a bachelor's degree or its equivalent, meet one of two eligibility criteria, and satisfy a financial security requirement before the visa can be approved.
The job opportunity visa is designed to allow skilled foreign nationals to enter the UAE and search for employment without needing a job offer or sponsor before arrival.
Source: Legit.ng
